TRON token swap (action required)

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dennisinnl
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Sat May 12, 2018 4:20 am

Since TRON (or TRX) is a top 10 coin, some of the members here might hold this coin - inside or outside the LomoStar app.

Some of you might be well-informed already, but it doesn't hurt to remind you and at the same time inform those who aren't aware yet.

1. WHAT'S GOING TO HAPPEN?
TRON is currently an ERC20 token, but will migrate to its very own blockchain, called Tron Mainnet. The transition is scheduled for the 21st of June, 2018.

2. WHAT HAPPENS TO MY COINS?
Since TRON moves away from the Ethereum protocol, the tokens in its current form will lose their value and can no longer be used for transactions. Therefore a so called "token swap" is inevitable. The purpose of this token swap is to exchange your old ERC20 coins for the new TRON coins.

3. WHAT DO I NEED TO DO?
Most exchanges such as Binance and Bitfinex have promised to support the token swap, which means that your tokens will be swapped automatically. First, check with your exchange whether they are supporting the token swap and if they do you can safely store your TRON in your wallet on that exchange.

Unfortunately, it's impossible to have your coins swapped when you store your TRON at MEW (MyEthernetWallet), in a hardware wallet or any other wallet outside an exchange that supports the token swap. Make sure you move your coins to an exchange before the 21st of June.

4. WILL LOMOSTAR SUPPORT THE TRON TOKEN SWAP?
The developers of LomoStar are aware, but have not yet confirmed whether they can and/or will support the token swap. I will update this post as soon as more information becomes available. Please leave a response should you have any further information about how LomoCoin is going to handle this.

5. ARE THERE ANY ALTERNATIVES?
So far, the TRON foundation has not announced any alternatives. They might introduce some sort of exchange service for expired/invalid ERC20 coins that were not swapped at the date of transition. I would suggest to move your TRON to an exchange before the 21st of June to avoid any hassle after that date.... or even worse to end up with worthless coins. Like they say, better safe than sorry!
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